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What this task is

This task collects the completed, executed purchase contract for the subject property. The contract should include:
  • The full purchase price,
  • Buyer and seller information,
  • Legal description or property address, and
  • Any addenda, concessions, or special conditions that impact the transaction.
This document is foundational for underwriting, appraisal ordering, and closing preparation.

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When this task is required

This task is required when:
  • The loan purpose is a Purchase, and
  • The borrower has an accepted offer on a specific property.
It applies across:
  • Conventional, government, and many portfolio loans, whenever a purchase transaction is being financed.

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Why this task is required

The purchase contract is used to:
  • Establish the true purchase price and any seller-paid concessions.
  • Confirm the parties to the transaction and ensure they align with the loan file.
  • Provide the basis for the appraisal “subject to” value and scope.
  • Validate timelines and contingencies relative to underwriting and closing.
Without a complete contract, the lender cannot:
  • Confirm the terms being financed,
  • Evaluate the impact of credits, repairs, or seller concessions, or
  • Properly coordinate closing and funding with all parties.
This may delay or prevent the loan from moving forward.

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Documents needed to resolve this task

To satisfy this task, provide:
  • The fully executed purchase contract for the subject property:
    • All pages, unredacted, including any counteroffers, addenda, or riders that change price, credits, or conditions.
    • Signatures and dates for both buyer and seller.
  • If there have been material amendments (for example, price changes, closing date extensions), provide:
    • The most recent amended contract or signed addenda reflecting the final agreed terms.
These documents allow the underwriter to align the loan structure, appraisal, and closing package with the actual terms of the purchase transaction.